General & Plastic Surgery Devices - LATAM

LATAM

Highlights

The General & Plastic Surgery Devices market market in LATAM is anticipated to record a revenue of US$2.26bn by the year 2024.
Subsequently, it is predicted to witness a steady annual growth rate (CAGR 2024-2029) of 6.21%, leading to a market volume of US$3.06bn by 2029.
In terms of global comparison, the United States is projected to generate the highest revenue, amounting to US$9.84bn in 2024.
In LATAM, the demand for General & Plastic Surgery Devices in the Medical Technology market is rapidly increasing due to the growing popularity of cosmetic procedures among the population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The General & Plastic Surgery Devices market in LATAM is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in LATAM are driving the growth of the General & Plastic Surgery Devices market. There is an increasing demand for cosmetic procedures in the region, driven by a desire for self-improvement and enhanced appearance. Customers are becoming more aware of the available surgical and non-surgical options, and are seeking out the latest technologies and techniques to achieve their desired results. This has led to an increased demand for General & Plastic Surgery Devices in LATAM. Trends in the market are also contributing to the growth of the General & Plastic Surgery Devices market in LATAM. There is a growing trend towards minimally invasive procedures, which offer shorter recovery times and less scarring compared to traditional surgical methods. This has led to an increased demand for devices such as lasers, injectables, and other non-surgical treatments. Additionally, there is a growing trend towards personalized treatments, where patients are seeking customized solutions that address their specific needs. This has led to an increased demand for devices that offer advanced imaging and diagnostic capabilities. Local special circumstances in LATAM are also playing a role in the growth of the General & Plastic Surgery Devices market. The region has a large population, with a significant portion of the population falling within the target demographic for cosmetic procedures. Additionally, there is a growing middle class in the region, which has increased disposable income and the ability to afford cosmetic treatments. This has created a favorable market environment for General & Plastic Surgery Devices in LATAM. Underlying macroeconomic factors are also driving the growth of the General & Plastic Surgery Devices market in LATAM. The region has experienced economic growth in recent years, which has led to an increase in healthcare spending. Governments in the region are investing in healthcare infrastructure and promoting medical tourism, which has further fueled the demand for General & Plastic Surgery Devices. Additionally, advancements in technology and medical research have made General & Plastic Surgery Devices more accessible and affordable, contributing to the overall growth of the market. In conclusion, the General & Plastic Surgery Devices market in LATAM is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for cosmetic procedures, growing trends towards minimally invasive and personalized treatments, favorable market conditions, and economic growth in the region are all contributing to the expansion of the General & Plastic Surgery Devices market in LATAM.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Explore more high-quality data on related topic

Medical technology industry - statistics & facts

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.